Accepted Accounting Principles Stephanie R. Stewart HCS/571 September 24‚ 2012 Anne Harney Finlon Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) are important ideas to understand when discussing finances of any kind. It is important for all nurses‚ especially those in management roles‚ to understand financial concepts and be involved in the budgetary process. This paper will help to create an understanding of GAAP‚ the purpose of the principles‚ and
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Accounting Principles i Running head: GENERAL ACCEPTED ACCOUNTING PRINCIPLES General Accepted Accounting Principles Accounting Principles ii Abstract My paper is about the GAAP (General Acceptance of Accounting Principles) which were created by the Accounting Principles Board (APB). The board was created by American Institute of Certified Public Accountants (AICPA) in 1959. APB issued 31 Opinions from 1959 to 1973 and those Opinions created GAAP. I think GAAP is interesting
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Running head: Accounting Assumptions‚ Principles and Constraints Accounting Assumptions‚ Principles and Constraints Axia College Basic assumptions accounting consists of four assumptions; monetary unit assumption‚ economic entity assumption‚ time period assumption‚ and going concern assumptions. The monetary unit assumption states that only transaction data that can be expressed in terms of money be included in the accounting records. Economic entity assumption is the activities of the
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which support their roles in creating and maintaining successful organizations. A key responsibility managers undertake is the ability to manage financials appropriately. "First and foremost‚ financial management is a decision science. Whereas accounting provides decision makers with a rational means by which to budget for and measure a business’s financial performance‚ financial management provides the theory‚ concepts‚ and tools necessary to make better decisions” (Gapenski‚ 2007). For leaders
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i. About sears outlet Sears hometown and outlet stores were founded in 1952 as a joint business venture by Simpsons and Sears‚ its headquarters are located in 290 Yonge Street (Toronto Eaton Centre) Toronto‚ Ontario‚ Canada. Sears outlet is a retailer that deals with sales of home appliances‚ garden equipment‚ apparel‚ mattresses‚ sporting tools and goods‚ and tools. Sears outlet store has four secondary store formats: they include the sears hometown‚ sears outlet‚ sears hardware‚ sears appliance
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Accounting Assumptions‚ Principles‚ and Constraints The basic assumptions of accounting provide a foundation for recording the transactions and preparing the financial statements. There are two main assumptions of accounting: Monetary unit assumption and Economic entity assumption (Weygandt‚ J. J.‚ Kimmel‚ P. D.‚ & Kieso‚ D. E. (2008)). The monetary unit assumption requires a company to include accounting records that show transaction data. Next‚ is the Economic entity assumption. It requires
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Generally Accepted Accounting Principles Healthcare is continually evolving and has become a business and an economic force in current society. Historically‚ stakeholders such as physicians and other health care professionals are adept at making clinical and health-related decisions. However‚ they often lack the ability to make informed financial decisions. Many have come to realize financial criteria and cost-effective health care delivery is paramount to the success of modern healthcare systems
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ukessays.com http://www.ukessays.com/essays/accounting/history-of-accounting-traces-to-ancient-civilizations.php History of Accounting -Traces To Ancient Civilizations Various attempts have been made to locate the place and time of the birth of the double-entry system resulting in various scenarios. Most of these scenarios recognize the presence of some form of record keeping in most civilizations dating back to about 3000 BC. Included are the Chaldean-Babylonian‚ Assyrian and Sumerian
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Sears Vs. Walmart Financial Performance Comparison Profit Margin Profit Margin‚ Sears Co. | | 1997 | | 1996 | | 1995 | Net income | 1‚188 | -6.53% | 1‚271 | -29.43% | 1‚801 | Total revenues | 36‚371 | 7.76% | 33‚751 | 8.41% | 31‚133 | Profit Margin | 3.27% | | 3.77% | | 5.78% | This Profit Margin ratio is acceptable‚ though not high. The result means that for each dollar of sales at Sears Co.‚ the company earns only 3.27 cents in 1997‚ compared to 3.77 cents and 5.78 cents in 1996 and 1995 respectively
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How should goodwill‚ properly recorded on the books‚ be written off in accordance with generally accepted accounting principles? Goodwill is recorded in the accounts only under the circumstances that is is acquired through a purchase of another business or combination of businesses. According to Generally Accepted Accounting Principle under these circumstances where goodwill is acquired through a purchase by another business that it is recognized as having indefinite
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